CANADA STOCKS-TSX may open lower; Japan data fuels growth fears

Aug 16 (BestGrowthStock) – Toronto’s main stock index looked set to
open lower on Monday as far weaker-than-expected growth numbers
from Japan added to concerns the global economic recovery will


* Canadian equity futures (0#SXF:: ) pointed to a lower open.

* Wall Street is also set for a lower open. Mining stocks
could be in focus after Vedanta Resources (VED.L: ) said it will
spend up to $9.6 billion to acquire as much as 60 percent of
Cairn India (CAIL.BO: ). [.N]

* European stocks were down, surrendering small gains made
in the previous two sessions, led lower by banking and energy

* Most Asian stocks fell after Japan GDP data painted a
gloomy picture for the economy. Japan’s quarterly GPD growth
came at 0.1 percent, which translates to an annualized
expansion of 0.4 percent, well below the median market forecast
of 2.3 percent.


* The Thomson Reuters-Jefferies CRB index (.CRB: ), a global
commodities benchmark, rose 0.12 percent in early trade.

* Oil edged higher towards $76 a barrel on Monday with a
boost from a weaker dollar, but concerns about faltering
economic recovery in some big oil-consuming nations capped
gains. [O/R]

* Gold rose to its strongest in seven weeks on Monday,
boosted by its safe haven appeal as gloomy Japanese economic
data stoked investors’ concerns about the health of the global
economic recovery. [GOL/]

* Copper prices rose on Monday as the market focused on
falling inventories, supply constraints and growth in China,
the world’s largest consumer of industrial metals. [MET/L]


* Agrium Inc (AGU.TO: ): The Canadian fertilizer maker
offered $1.1 billion for Australia’s AWB (AWB.AX: ), trumping a
rival bid from local player GrainCorp (GNC.AX: ) as it seeks to
expand its Asian retail operations. [ID:nSGE67E03D]

* Enbridge Inc (ENB.TO: ): Enbridge lowered capacity on its
490,000 barrel-per-day Line 5, the main alternative to its
Michigan pipeline that ruptured last month, but said on Friday
it does not expect the move to reduce shipments on the key
line. [ID:nN13206018]

* Shaw Communications Inc (SJRb.TO: ): Shaw Communications’
C$2 billion ($1.9 billion) purchase of Canwest Global
Communications Corp’s (CGS.V: ) broadcast arm will not
substantially reduce or prevent competition in the sector,
Canada’s Competition Bureau said on Friday. [ID:nN13194571]

* Medicago Inc (MDG.TO: ): The Canadian biotechnology company
on Friday reported a wider quarterly loss, hurt mainly by a
rise in research and development expenses related to an
upcoming mid-stage study of its H5N1 bird-flu vaccine.

* Anvil Mining Ltd (AVM.TO: ): The company on Monday posted a
second-quarter profit (Read more your timing to make a profit.), boosted by higher sales and lower
expenses, but said it expects some delay in commissioning its
Kinsevere project in Congo. [ID:nSGE67F0GG]

* Electrovaya (EFL.TO: ): The zero-emission lithium ion
battery systems maker on Monday reported a narrower quarterly
loss as it ramped up supply of its battery packs.

* First Majestic Silver Corp (FR.TO: ): The company, which
operates silver properties in Mexico, reported a nearly
nine-fold increase in quarterly profit as it was helped by
higher precious metal prices and improved production at its
mines. [ID:nSGE67F0FU]


Following is a summary of research actions on Canadian
companies reported by Reuters. [RCH/CA]

* Boardwalk REIT (BEI_u.TO: ) rating raised to outperform
from market perform at Raymond James

* Exchange Income (EIF.TO: ) target price raised to C$18 from
C$16; rating outperform at Raymond James

* Petrobank Energy and Resources (PBG.TO: ) target price cut
to C$51 from C$58; rating outperform at Raymond James

* Savanna Energy (SVY.TO: ) target price cut to C$7 from
C$7.50; rating outperform at Raymond James

* Toromont Industries (TIH.TO: ) target price raised to
C$31.50 from C$30; rating outperform at Raymond James

($1=$1.04 Canadian Dollar)
(Reporting by Bangalore newsroom, editing by Bhaswati
Mukhopadhyay and Jeffrey Hodgson)

CANADA STOCKS-TSX may open lower; Japan data fuels growth fears